A utility-maximizing consumer equalizes marginal utilities per dollar spent across all goods
a. True
b. False
Indicate whether the statement is true or false
True
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The quantity of real GDP demanded equals $16.4 trillion when the price level is 95. If the price level falls to 90, the quantity of real GDP demanded equals
A) less than $16.4 trillion. B) $16.4 trillion. C) more than $16.4 trillion. D) more information is needed to determine if the quantity of real GDP demanded increases, decreases, or does not change.
If we import more than we export from the rest of the world we
A) must borrow an equal amount from the rest of the world. B) can lend an equal amount to the rest of the world. C) are running a trade surplus. D) are helping to finance investment in the rest of the world.
The two main characteristics of the production function are
A) it slopes downward from left to right, and the slope becomes flatter as the input increases. B) it slopes upward from left to right, and the slope becomes steeper as the input increases. C) it slopes upward from left to right, and the slope becomes flatter as the input increases. D) it slopes downward from left to right, and the slope becomes steeper as the input increases.
Endogenous growth theory rejects the assumption of exogenous
a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above.